Allianz Global Corporate & Specialty (AGCS) and Marsh today announced the launch of the AGCS/Marsh Major Claim Promise, committing to provide rapid access to working funds for their joint clients in the event of a major claim. As well as covering major property, construction and engineering losses worldwide, the AGCS/Marsh Major Claim Promise is the first of its kind to cover first-party marine claims.
Under the terms of the AGCS/Marsh Major Claim Promise, in the event of a major claim - typically in excess of US$3 million - where AGCS is either the leader or 100% carrier, AGCS will confirm coverage under the policy as quickly as reasonably possible. Once coverage is confirmed, AGCS promises to provide the policyholder with immediate working funds of 50% of their share of the agreed estimate for property damage/repairs and clean-up costs, within seven days. The AGCS/Marsh Major Claim Promise excludes marine liability claims including third-party claims arising out of collisions under Hull & Machinery policies.
David Pigot, Chairman of Marsh's Global Claims Practice, commented: "The concept of the Major Claim Promise centers on the belief that a lengthy adjustment process is not necessary for immediate relief in the event of a major loss. This market-leading concept is sure to make a positive impact in assisting Marsh's clients recover from major losses globally.
"The extension of the Major Claim Promise into the global marine sector is a significant industry development in delivering claims certainty to Marsh's clients. With AGCS, Marsh's marine clients can also now benefit from the reassurance of a swift recovery in the event of a major first-party loss," Mr. Pigot said.
Alexander Mack, AGCS's Global Head of Claims, added: "Service in the event of a claim is the true test of our business. This agreement ensures that our clients get what they need when it really counts: fast confirmation of cover with immediate working funds when a major loss occurs."